Ethereum price corrected lower against the $1,875 zone against the US dollar. ETH retested the $1,780 zone and could attempt another surge soon.
- Ethereum has the main support at USD 1,780 and USD 1,750.
- The price is trading below $1,820 and the 100-hourly Simple Moving Average.
- There was a break above a steep bearish trendline with resistance near $1,795 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could start a new rise towards the $1,850 and $1,875 resistance levels.
Ethereum price revisits uptrend support
Ethereum tried to rise above the USD 1,850 resistance again, but the upside was limited, just like Bitcoin. ETH traded as high as $1,874 and recently started a downward correction.
There was a move below the USD 1,850 and USD 1,820 levels. The price even spiked below the $1,800 level and the 100-hourly Simple Moving Average. It retested the $1,780 support zone. A low is formed near $1,777 and the price is now trying to rise again.
There was a break above a steep bearish trendline with resistance around $1,795 on the hourly chart of ETH/USD. Ethereum is now trading near the 23.6% Fib retracement level from the recent decline from the $1,874 swing high to the $1,777 low.
On the upside, the price is facing resistance near the USD 1,810 level and the 100-hourly Simple Moving Average. The first major resistance is at $1,825 or the 50% Fib retracement level of the recent decline from the $1,874 swing high to the $1,777 low.
Source: ETHUSD on TradingView.com
If ETH surpasses the USD 1,825 resistance, it could start another steady rise and test USD 1,875. The next major resistance is near USD 1,920, above which the price could accelerate further towards the USD 2,0000 level. Further gains could require a move towards the USD 2,050 level.
Lose more in ETH?
If Ethereum fails to clear the USD 1,825 resistance, it could continue falling. Initial downside support is near the $1,780 level or the recent low.
The next major support is at USD 1,750. A downward break below the USD 1,750 support could trigger a bearish wave. In the mentioned case, Ether could fall towards the USD 1,650 level.
Technical indicators
hourly MACD – The MACD for ETH/USD is losing momentum in the bearish zone.
RSI per hour – The RSI for ETH/USD is now below the 50 level.
Major support level – $1,780
Major resistance level – $1,825
